Ethereum Reclaims Ground as Buyers Defend Ascending Trendline
Ethereum (ETH) is currently trading at $2,404 after recovering from selling pressure that accelerated to the downside. The asset has strengthened its market structure by defending a long-term ascending trendline, triggering a sharp recovery and turning former resistance into support.
The immediate question is whether ETH can hold its newly reclaimed support as it approaches the next supply zone. A short-term pullback towards $2,300-$2,200 remains possible, with the $2,324 0.236 Fibonacci level offering an earlier potential support area.
From an Elliott Wave perspective, ETH appears to be completing daily Wave 3, leaving a potential Wave 4 correction between $2,112 and $2,222. If this structure holds, a daily close below $2,050 would invalidate it, while an upside bounce from $2,324 could push Ethereum towards the $2,784-$2,966 target zone before another deeper retracement becomes possible.